Shell Chief Sets Out a New Path

Oil Major Suspends U.S. Arctic Project

LONDON—In his four weeks as chief executive of Royal Dutch Shell PLC, Ben van Beurden has altered the priorities and performance measures that defined the company for a decade.

Speaking publicly about profit as chief executive for the first time on Thursday, Mr. van Beurden said that after 10 years of trying to boost production with ever-more-expensive, long-term projects, Shell will focus on cost reduction. The company will try to...